In the retail industry, effective and timely communication of product information is essential to both merchants and consumers. For consumers, there is a need for effective and timely communication of product information for those in search of the best price for a desired product. For merchants, there is a need for effective and timely communication of product information for effective advertising of competitive prices, sales, promotions, new products, etc. In addition, both merchants and consumers benefit when merchants are able to collect and analyze sales and other information to forecast future sales. Accurate sales forecasting enables a merchant to effectively select and stock products to meet consumer demands. In response to a long-standing need for improved communication between merchants and consumers, many companies have contributed to the growth and development of the Internet and electronic commerce systems. Given the current state of the art, it is well known that existing electronic commerce systems have greatly enhanced many aspects of the retail industry and commerce in general.
While electronic commerce has improved the way consumers shop for products, services, or other commerce items, existing systems present some limitations. For instance, most consumers have access to detailed product information only at their home or office because they search for such information using a personal computer or a television set-top box. Consumers desiring to search for such information remotely must use a wireless-enabled personal digital assistant (PDA) or a mobile telephone. Since most PDAs and mobile phones require the tedious task of entering data by the use of an abbreviated keypad, users may not be able to easily or quickly search for product information.
Given the above-described limitations, consumers cannot readily compare prices of on-line products while shopping in a local retail store. For example, if a consumer is shopping at a retail book store, he or she may be interested in comparing the price of a particular book to prices offered by on-line retailers. To do so using a portable wireless device, the consumer would have to manually enter one or more pieces of identifying information, e.g., the title, author, ISBN, etc., in order to search for the book. Such data entry can be a long and tedious process. Alternatively, the consumer can write down all of the information and look up the book when they return to their home or office computer. Such method is inherently inefficient, however, since the consumer may then have to return to the store if the price at the store is subsequently found to be lower than prices available online.
In addition to the above-described limitations, existing systems are also limited to specific types of data collection used for purchase forecasting. As will be appreciated by those of ordinary skill in the art, many merchants find it helpful to have an accurate forecast of future purchasing activity for products or other commerce items.